Reflection Report on Application of Professional Knowledge and Skills in Accountancy

This reflection report discusses the application of professional knowledge and skills in the workplace, career pathways, variety of professional roles, strengths and weaknesses, legal and ethical responsibilities, and team management skills. It also highlights the benefits and limitations of manual and automated accounting systems and the importance of ethical norms in the field of accountancy.

Reflection Report

Table of Contents
Introduction................................................................................................................................3
Application of professional knowledge and skills in the workplace..........................................3
Career Pathways.........................................................................................................................4
Variety of professional roles......................................................................................................5
Strengths and Weaknesses.........................................................................................................5
Legal and ethical responsibilities...............................................................................................6
Conclusion..................................................................................................................................6
Bibliography...............................................................................................................................8

Introduction
Reflective learning helps a learner to gain a better and deep understanding of a topic. With
the help of self-reflection, a learner is able to increase the level of focus and concentration as
he or she goes through the article, in order to collect relevant information through minimum
readings of the article. Another major benefit of self reflection is that it helps the learner to
clearly differentiate between the context and situation and on the basis of this, the learner is
able to examine between his feelings and responses. These are the two most important
qualities of a good learner (Kaveti, 2018).
Being a reflective practitioner is very important in any profession as it helps a learner to
become professional of that specific profession. Same is the case with accountant reflective
practitioners who, with the help of self reflection will be able to gain deep knowledge about
the subject. With the help of reflective learning, the learner will be able to understand
different types of accountancy problems and the best possible solutions adopted by accounts
expert. The critical and creative thinking skills are established in the learner with the help of
reflective learning (McGuigan & Kern, 2009).
Application of professional knowledge and skills in the workplace
In order to implement manual accounting system within the accounting department, it is
important to develop necessary journals and ledgers for the respective accounts being used by
a company (Shanker, 2017). In order to implement this, it is important to have a team and
communicate them the necessary steps to be taken. After the selection of team, the delegation
of authority and responsibility is undertaken that clarifies what needs to be done and by
whom, as it is very important in managing manual accounting system. Effective
communication as well as using the interpersonal skills like emotional intelligence helps to
make the team members understand the importance of the adoption of system as well as what

difference it can make (Open Colleges, 2018). Time management helps to complete the task
in the stipulated time (Mind Tools, 2018).
Manual accounting systems are usually used by those organizations that undertake their
business at smaller level as it is more easy to use and also, there are not huge financial
entries. Hence, investing in automated management accounting system would be a waste of
money in small businesses (Gartenstein, 2018).
Benefits and limitations of manual and automated accounting system
Manual Accounting System Automated Accounting System
Limitation
 Calculation is performed manually
 Speed is slow
 Back up is not possible
 Time consuming
Benefits
 Facilitates rectification of errors
 Saves money for small businesses
Benefits
 Calculation is done automatically just
the inputs is required
 Speed is comparatively faster
 Back up is possible
 Saves a lot of time
Limitations
 Cannot be used for rectification of
errors
 The financial statements are prepared
with the help of a click (Surbhi,
2018).
Career Pathways
CPA or CA
Both the fields provide great opportunities in the accounting world. But, I would choose CPA
or CA. This is so because CA emphasis on giving expertise in a single technical functions of

accounting and is more inclined towards auditing and tax matters (Half, 2018). Whereas on
the other hand, CPA focuses on many other aspects of accounting like, costing, production,
marketing, as well as planning. Hence, it can be said that CPA opens the gate for many
different fields of expertise and skills as well (Edupristine, 2014).
At this point of time, my career aspirations are to move ahead in the field of accountancy and
gain expertise and knowledge in as many accounting skills as possible. This will open wide
options in front of me and according to my excellence level, I will chose a particular area to
continue my career in accounting.
If I do not obtain a CA or CPA qualification, the other options that I can go for is, doing
MBA in financial accounting so that I am not completely deflected from my aspirations to
gain expertise in accountancy. MBA in financial accounting will keep me attached to
accounting area.
Variety of professional roles
Apart from accountant and auditor, there are many other roles that can be performed by me.
Enrolled agent: They are licensed tax professionals who have expert knowledge in the field
of taxation.
Forensic and investigative accountant: the main role of this professional is to manage any
kind of criminal activity taken place in the financial matters of a company.
Budget Analysts: the main role is to monitor as well as evaluate the financial statements of
the business (Masters in Accounting, 2018). Apart from this, many other professional roles
are available in an accounting firm.
From the above mentioned roles, the role that I would prefer is that of the enrolled agent, as I
have special interest in the taxation matters and I want to pursue career in this field.
Strengths and Weaknesses
SWOT Analysis

Strengths
Laws and procedures related to accountancy
are on my tips
Very good at finding creative solutions to
accounting issues
Very good at calculations
The sharp knowledge of accountancy laws
and procedures are perceived by others as my
strengths.
Weaknesses
Over thinking and afraid of taking risks
Other students decide over issues quickly and
move ahead
In order to improve this, I would work on
confidence development
Other students also feel that I lack confidence
and because of this, I do not take risks and
over think on my decisions.
Opportunities
Entering into a company specific project
Giving presentations to groups that will help
in boosting my confidence
Threats
The possible threat is that overwork may lead
to increased stress level
There is a possibility that the teacher may not
give me tasks as I consume lot of time on
thinking, related to an issue
Additional study that can be undertaken
Apart from doing CA or CPA, I would opt for MBA in Financial Accounting and
Management Accounting and this will open more career opportunities in front of me and will
add extra feather to my cap.
Legal and ethical responsibilities
As a professional accountant, it is my responsibility to treat the research and development
expenses according to its role. In case of the generation of intangible assets through research
and development, it is important to show this expenditure as an expense and not as capital.

Hence, in this situation, I would contact to my immediate superior and make him understand
the situation and after discussing with him, I would go ahead and take the necessary step.
On the basis of the Code of Ethics for the professional accountants, integrity and objectivity
needs to be performed here. It is very important on my part to be honest to the other auditors
and tell them about the situation. It is my objective duty to reflect the true nature of the
expense and undertake the required accounting treatment (ICAS, 2018).
In order to resolve this situation, proper treatment of the research and development expense
needs to be done. When an organization cannot demonstrate that whether, the intangible
assets will generate any probable income in the future or not, then, such expenditure is treated
as expense in the income statement of a company (AASB, 2015). In order to deal with this
properly, as an accounting professional, the first thing that will be calculated by me is the
years the product can generate income for the company. As it is a drug related product this
may generate income for many years. Hence, on the basis of this assumption, the
amortization period will be calculated to add a certain amount of the research expense in the
income statement of the company on a yearly basis (CFI, 2018).
Conclusion
This reflection has helped me to know about my strengths and weaknesses in detail and, how
I can overcome them in a strategic manner. With the help of this reflection paper, I have been
able to identify the career paths that are available in front of me that I can pursue along with
CA or CPA. The other benefit of this paper is that it has helped me to identify other
professional roles that can be adopted by me, apart from being an accountant or auditor in the
field of accountancy on the basis of my area of interest. Apart from this, team management
skill has also been discussed in this that is used to manage a work or tasks in the organization
in a successful manner. Also, the importance of generation of different skill sets in the field
of accountancy has also been discussed. Ethical and legal procedures hold a great value in the

life of professional accountants. Hence, this reflection paper has helped me to understand the
importance of ethical norms in the field of accountancy and how this can be used in a
particular situation. The reflection paper has helped to develop professional awareness in me
by encountering me with different aspects of accountancy and has also provided with vast
knowledge that will help in confidence development.

Bibliography
AASB. (2015). Intangible Assets . Retrieved from www.aasb.gov.au:
https://www.aasb.gov.au/admin/file/content105/c9/AASB138_08-
15_COMPoct15_01-18.pdf
CFI. (2018). Capitalizing R&D Expenses. Retrieved from corporatefinanceinstitute.com:
https://corporatefinanceinstitute.com/resources/knowledge/accounting/capitalizing-rd-
expenses/
Edupristine. (2014). CA vs CPA : Which one is better for you? What are the differences?
Retrieved from www.edupristine.com: https://www.edupristine.com/blog/cpa-or-ca
Gartenstein, D. (2018). Differences Between Manual & Computerized Accounting Systems.
Retrieved from smallbusiness.chron.com/:
https://smallbusiness.chron.com/differences-between-manual-computerized-
accounting-systems-3764.html
Half, R. (2018). CA vs CPA: Which accounting qualification is right for you? Retrieved from
www.roberthalf.com.au: https://www.roberthalf.com.au/blog/jobseekers/ca-vs-cpa-
which-accounting-qualification-right-you
ICAS. (2018). Ethical dilemma 7: Research and development. Retrieved from
www.icas.com: https://www.icas.com/ethics/ethical-dilemma-7-research-and-
development
Kaveti, V. (2018). Reflective Learning and its Benefits. Retrieved from
blog.commlabindia.com: https://blog.commlabindia.com/elearning-design/reflective-
learning-benefits
Masters in Accounting. (2018). Accounting and Finance Careers. Retrieved from
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McGuigan, N. C., & Kern, T. (2009). The Reflective Accountant: Changing Student
Perceptions of Traditional Accounting through Reflective Educational Practice. The
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Mind Tools. (2018). Team Management Skills. Retrieved from www.mindtools.com:
https://www.mindtools.com/pages/article/newTMM_92.htm
Open Colleges. (2018). 10 INTERPERSONAL SKILLS. Retrieved from
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interpersonal-skills#.W5ytUSQza1s
Shanker, S. (2017). How to Set up a Manual Accounting System. Retrieved from
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system.html

Surbhi. (2018). Difference Between Manual and Computerized Accounting. Retrieved from
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computerized-accounting.html